Makhteshim buys DuPont herbicide

Agrochemicals maker Makhteshim Agan Industries Ltd. will acquire DuPont Crop Protection’s global non-mixture diuron herbicides business. The company did not disclose the size of the deal.
 
The purchase includes the rights, registrations and supporting regulatory data for all of DuPont’s non-mixture diuron herbicides, Direx and Karmex brands. Makhteshim said that the acquisition will boost its global product offering and broaden its market reach in North America, Brazil, and the Asia Pacific. The company estimates that the deal will boost sales by $35 million in the first year.

Diuron is the leading urea herbicide used in agricultural and industrial and vegetation management applications to control a wide variety of annual and perennial broadleaf and grassy weeds. Diuron’s major markets include sugarcane, fruit, vegetables and cotton, as well as non-crop sectors.

Makhteshim's share price rose 0.1% in morning trading to NIS 18.37, giving a market cap of NIS 7.98 billion.